| Amount of Currency Exchanged (ACE) | GST rates | Minimum GST | Maximum GST |
|---|---|---|---|
| Up to ₹1 lakh | 0.18% of ACE | ₹45 | ₹180 |
| Between ₹1 lakh and up to ₹10 lakh | ₹180, plus 0.09% of ACE | ₹180 | ₹990 |
| Above ₹10 lakh | ₹990, plus 0.018% of ACE | ₹990 | ₹10,800 |
Introduction
Transferring money from the UK involves various fees and charges that can impact the total amount received. Understanding these costs is crucial for making informed decisions and ensuring a smooth and cost-effective transfer process.
FCY Demand Drafts - Issuance
| Description of Charges | Forex Services | |
|---|---|---|
| Foreign Exchange Transactions | ||
| Remittance Outward* | Up to $500 or equivalent | ₹500 flat |
| Above $500 or equivalent | ₹1,000 flat | |
| Remittance Inward | No Charge | |
| Other Foreign Exchange Transactions | ||
| FCY Cash - Selling | No Charge | |
| FCY Cash - Encashing | No Charge | |
| FCY Demand Drafts - Issuance | Up to $500 or equivalent | ₹200 flat |
| Above $500 up to $10,000 or equivalent | ₹300 flat | |
| Above $10,000 or equivalent | ₹500 flat | |
| FCY Demand Drafts - Cancellation | ₹50 per Demand Draft | |
| FCY Cheque Collection (FCY personal cheque, FCY DDs sent for collection) * | 0.25% of Indian Rupee value (minimum ₹250 per transaction). | |
| Plus courier of ₹50 per cheque. | ||
| For transactions up to $500 - ₹200 per transaction plus courier charge ₹50 per instrument. | ||
| The charges mentioned above are charges levied by HDFC Bank only and do not include any charges that may be levied by originating/correspondent banks. | ||
| FCY Cheque Return* | Under Cash Letter arrangement - ₹100 per cheque. Under the Final Credit service arrangement - ₹250 per cheque, plus Correspondent Bank Charges USD Cheque - USD 10 per cheque GBP Cheque - GBP 15 per cheque (for any amount below GBP 1000) GBP Cheque - GBP 25 per cheque (for any amount above GBP 1000) AUD Cheque - AUD 35 per cheque SGD Cheque - SGD 12 per cheque AED Cheque: ₹100 per cheque plus drawee bank charges CAD Cheque - CAD 10 per cheque EURO Cheque - EUR 100 per cheque plus drawee bank charges Other Currencies - $10 -50 per cheque plus drawee bank charge |
|
| FIRC Charge for Inward Remittance & FCY Cheque Collection | ₹200 per FIRC. |
*Charges mentioned above are charges levied by HDFC Bank only and do not include any charges that may be levied by originating/correspondent banks.
Please note that cheques drawn in one currency payable in another country where currency is different will take a longer period to realise and would attract charges of various correspondent banks as per their own tariff schedule over which we do not have any control. For e.g. a cheque drawn in USD payable on a bank in Singapore or cheque drawn in GBP payable on a bank in South Africa or cheque drawn in USD payable in Canada.
The Government of India has announced the implementation of Goods and Services Tax (GST) effective 1st July, 2017. Consequently, service tax rate (including cess) will be replaced by the GST rate as below:
1. Goods and Service Tax on FX conversion will be revised from 14.5% to 18%.
Slab for Service Tax on FX Conversion:
2. Goods and Service Tax on commission, fees and charges on foreign exchange transactions will be revised from 15% to 18%.
Frequently Asked Questions
The charges for a telegraphic wire transfer from the UK to India can vary depending on the bank or financial institution used for the transaction. Typically, banks charge a fee for processing the transfer, which can range from a fixed amount to a percentage of the transfer amount. Additionally, there may be intermediary bank charges, correspondent bank charges, and currency conversion fees involved in the transfer. It's advisable to check with your bank or financial institution for the exact charges applicable to your transfer, as they can vary based on several factors such as the amount being transferred, the speed of the transfer, and the specific services requested.
The ideal method for transferring money from the UK to India depends on several factors, including transfer fees, exchange rates, speed, and convenience. You can choose from options such as bank transfers, online money transfer services, or specialist currency exchange providers to find the best fit for your needs. It's advisable to compare options to find the most cost-effective and efficient method for your specific transfer needs.
The best rates for a telegraphic wire transfer from the UK to India can vary depending on the bank or financial institution used for the transfer. Banks typically offer competitive exchange rates. It's advisable to compare rates and fees from different providers to find the best deal for your specific transfer amount and requirements.